Resource Realty of Northern New Jersey (RRNNJ) recently completed five industrial transactions. The Parsippany-based firm’s market specialists recently finalized two sales, totaling $7.5 million, and three industrial property leases.
The larger of the two sales involved the $4.5 million acquisition of a 28,000-square-foot industrial property located at 273 Franklin Rd., Randolph. RRNNJ Principal Tom Consiglio facilitated the transaction, representing the buyer Commerce Park Investors, which has retained the firm as the exclusive sales agent for the property.
The single-story warehouse/industrial building, which was originally designed as an industrial condominium with individual units of 2,600-SF, features separate metering, a loading dock and office. The property is within close proximity to Route 10 and Route 46.
“The purchaser immediately began refurbishing the building to bring it back to its original use,” Consiglio said. “Improvements include new entrances, façade enhancements, a parking lot upgrade, office space renovations and all-new utilities. This is a rare investment opportunity for a user/owner small business to acquire space of this size and quality in Morris County.”
The second sale, arranged by RRNNJ Principals Greg Sabato and Brian Wilson, involved the $3 million trade of a 12,000-square-foot flex/light manufacturing building at 19 Gloria Lane, Fairfield. The firm represented the unnamed seller. The property’s appeal was driven by its versatile space, suitable for a wide range of uses, and strong curb appeal, enhanced by well-manicured landscaping.
In addition to the sales transactions, RRNNJ is also active on the leasing front. Sabato and Principal Scott Peck represented both the landlord and the tenant, a video production company, in a 16,269-square-foot industrial lease at 5 Just Rd., Fairfield. The tenant is expanding its operations within the immediate area.
Rounding out the firm’s recent leasing activity, Wilson and Peck arranged two renewals on behalf of an unnamed landlord: a 17,500-square-foot lease and a 15,000-square-foot lease. The property is located in Morris County’s Rockaway Township.
